Fix Crowdfunding Act Improves JOBS Act
The Fix Crowdfunding Act has been introduced by Representative Patrick McHenry, who was one of the architects of the FAST Act provisions simplifying securities laws.
The Fix Crowdfunding Act increases the $1,000,000 issuer annual raise limit under the JOBS Act crowdfunding provisions to $5,000,000, addresses the liability of funding portals and allows single purpose funds, among other things.
The Act also provides “no enforcement action may be brought against a funding portal before May 16, 2021.” I’m not really a fan of the Feds moving in anytime and anywhere for any reason, and this looks like a bridge too far to me. But I will give Representative McHenry points for creativity.
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